TEMPLE, TX — The Paycheck Protection Program (PPP) is supposed to help small business owners like Misty Dollar offset the economic impact of COVID-19.
"Having to shutdown where we could not have people in the store, pretty much just made our business just go away," said Dollar.
Dollar applied for a PPP loan, but just last week the Paycheck Protection Program ran out of funding.
"Took a while to hear anything but said 'application looked good' and approval was just waiting until we got more money, or Congress approved more money," said Dollar.
Dollar says not only was she hoping to use the PPP loan for overhead costs, she also needs it to pay her employees who haven not received a paycheck the entire month of April.
"I'm hoping that, that we will be able to get that money pretty soon," said Dollar.
President Donald Trump has signed a $484 billion bill, aiding employers and hospitals impacted by the coronavirus pandemic. New legislation to replenish the popular small business lending program includes more than $300 billion for the Paycheck Protection Program.
"With the new money, the people that applied for the first wave, but didn't get it because they ran out of money, they're already in the shoot for being considered for the new money. So there's a lot of people who may want to apply and they should apply but if they're going to do it, they should do it very soon," explained Dr. Robert Tennant, Accounting, Finance and Economics Interim Department Chair and assistant professor of accounting at A&M Central Texas.
Susie Winkler owns Paperdoodles in Temple. She says she is also one of many waiting for funding, and hoping for the best.
"I applied for the EIDL loan. Have my number. Have confirmation that they have received it but haven't heard anything. We'll see if we get the funding or not, if not, one day at a time," said Winkler.
The nearly $500 billion coronavirus relief package was signed into law on Friday.
